Employee Recognition is an effective management tool to build into your core values which in turn will contribute to the success of your business.
As the competition for talent increases, how a business values their employees is more important than ever. Creating recognition as part of your values or refreshing existing ones that are not affective is a great first step but its not about the one-off rewards, it is about ensuring you revaluate continuously to ensure your employees feel recognised and your values are affective.
What is employee recognition?
The most successful businesses have evidenced that the more they recognise their employees the better they perform.
Employee recognition is a method of support that helps employees know their contributions, service and work is recognised and appreciated. With employee recognition, employees recognise each other and make the culture of the business more attractive, it is one of the most important factors in driving workplace engagement, productivity, and employee retention.
Why employee recognition matters?
Recognising employees has proven ability to;
- increase the productivity of employees
- stabilises the workforce
- improves the culture
- brings trust between employee and their manager
- lowers stress and absence rates
- improves the delivery of your business
- drivers performance
What Does Recognition Look Like?
There is no set-in-stone answer, it can look different in every business and its about what works for you and the culture, but here are ideas around what you should keep in mind;
- Being specific and relevant about what you are recognising helps employees know what they have done to be recognised and will continue those behaviours which encourages higher performance.
- Ensure the recognition is delivered in a timely manner, recognising someone months after is not as meaningful as being recognised promptly.
- Know the recognition is right for your business and be consistent with the delivery, there would be nothing more demotivating than an employee being recognised for an achievement that another employee has not been.
- Little things can go along way with recognising your employees and it does not always need to be major achievements, it can be small efforts that even a thank you can motivate the employee to do this again.
- Ensure you shape your core value of employee recognition to what you want from your long-term business goals.
If you need help or support looking at employee recognition within your business, contact the HRX today.